A Lasting Impression: Preparing to Leave a Legacy

8/31/2018

No matter your age or stage of life, making plans for the legacy you’ll leave can be stressful. But it’s important. The preparation you do today can help your family and friends understand your wishes and intentions after you’re gone. As you begin planning or updating your plan, check out our Personal Journal of Wishes and Records and consider these tips.

Outline Your Objectives

Leaving a legacy begins with identifying your objectives. What are the needs of those you might leave behind, and how do you want to help meet those needs? Some questions to consider include:

If you have a surviving spouse, will he or she need to replace your income?

Will your surviving spouse be able to manage financial matters independently?

Do you have dependents, a spouse or aging parents who will need care when you’re gone?

Do you need to prepare to fund your children’s future education?

If you own a business, have you created a strategy for its transition?

Would you like to leave a lasting financial gift to your favorite non-profit organization?

Document Your Belongings

With your objectives identified, it’s time to inventory your assets and liabilities. Identifying these items will help your team of professionals formulate your strategy.

Bring in the Professionals

Formalizing your plans for leaving a legacy takes a team of professionals that could include your Farm Bureau agent, accountant, banker, financial adviser and estate preservation attorney. This team will help you ensure your wishes are clearly documented, and help your heirs avoid unnecessary estate taxes1 and settlement costs.

Once your strategy is set, plan to review it at least once per year to ensure it continues to reflect your wishes. Big changes in your life – marriage, divorce, birth, death, acquisition of property, change in financial status or a move to a new state – are always reason to take a look at the arrangements you’ve made.

With some preparation today, you can leave a financial legacy that lasts. Let Farm Bureau Financial Services help you make that happen.

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